HCMC rises 3 places in global financial center ranking, surpasses Bangkok

By Vien Thong September 28, 2025 | 09:40 pm PT

A view of downtown HCMC, where there are numerous hotels. Photo by VnExpress/Quynh Tran

HCMC has risen to 95th on the Global Financial Centres Index, three spots up from earlier this year, overtaking in the process Thailand’s Bangkok for the first time.

This marks the Vietnamese city's highest standing since it first made the semi-annual index compiled by London-based think tank Z/Yen Partners and the China Development Institute in 2022.

The latest index released last week evaluates 135 financial hubs based on factors such as business environment, reputational & general, infrastructure, human capital and financial sector development.

Each is scored based on inputs provided by third-party organizations like the UN, World Economic Forum, World Bank, Transparency International, and World Wide Web Foundation.

Cities were also assessed through online survey responses from 4,877 participants from the financial services sector.

The final GFCI score, which determines their competitiveness as a financial center, is often used by policymakers and investors.

HCMC scored 664, up 10 points from March, and was named among the 15 financial centers projected to see strong growth in the next two or three years. Bangkok fell from 96th to 102nd.

Vietnam is setting up an international financial hub straddling HCMC and Da Nang that will offer a broad range of products and services, including banking, capital markets tied to asset and fund management, according to a government resolution passed in June.

Experimental mechanisms (sandbox) for fintech, innovation, specialized trading platforms, and derivatives will also be put in place.

The government wants the HCMC section of the hub to be operational in 2025 and completed within five years.

Other Southeast Asian cities in the rankings included Singapore (4th), Malaysia’s Kuala Lumpur (45th), Indonesia’s Jakarta (91st) and the Philippines’s Manila (104th).

Globally, the top 10 remained unchanged from March, with the U.S.’s New York leading with a score of 766, followed by the U.K.’s London, Hong Kong, and Singapore.